Investment activity in both the private and the public sector picked up more strongly than expected, pushing GDP growth upwards in both 2017 and 2018. Meanwhile exports have also gained momentum and recovered, particularly towards Russia. Household consumption, backed by a still considerable rise in real wages, continues to be a strong driver of economic activity. A speed-up in economic activity in the short run is projected to result in a GDP growth rate of 3.8% in 2017 and 3.3% in 2018, declining somewhat to 2.9% in 2019.

map Estonia
Main Economic Indicators201420152016201720182019
Population, 1000 persons131513151316...
GDP, real change in %
GDP per capita (EUR at PPP)210002170021900...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average7.
Average gross monthly wages, EUR100510651146...
Consumer prices, % p.a.
Fiscal balance in % of GDP0.70.1-0.3...
Public debt in % of GDP10.710.09.4...
Current account in % of GDP0.
FDI inflow, EUR mn1308-661665...
Gross external debt in % of GDP96.494.390.4...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


ESTONIA: Investment and revived exports drive growth

Sebastian Leitner
in: CESEE Back on Track to Convergence
wiiw Forecast Report No. Autumn 2017, November 2017 , pp. 71-73
Details and Buy


Monthly Report No. 7-8/2017

Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July-August 2017
27 pages including 1 Table and 2 Figures